Daily Currency Update

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Sunnier days ahead for Canada

CAD - Canadian Dollar

Increasing demand for oil and other commodities has strengthened the Canadian dollar as of late. WTI Crude Oil, which traded as high as $63 a barrel last week, fell slightly before returning to $60 a barrel this morning.

The year has started strong for Canada. The Bank of Montreal raised Canada’s 2021 GDP Growth estimate to 6%. US growth and strong commodity markets boosted the bank’s outlook.

The Canadian dollar has benefited and has traded in a better position this morning against the euro, the pound, and the US dollar.

Key Movers

EURUSD was firmly back in the spotlight. It moved hovered around 1.20 as equity markets sold off any profits and went with the dollar. The disparities between the US and the EU in the COVID-19 vaccination rate have added pressure to the euro.

In the UK, the vaccination momentum continued. Despite the positive news, GBPUSD slipped back against the dollar as jittery stock markets drove investors toward cash.

The Australian Dollar bounced off lows through trade on Monday, creeping back toward 0.78 US cents as conditions across treasury markets calmed. Last week’s rally through 0.80 was firmly rejected and the AUD finds itself back within entrenched ranges as attentions turn to today’s RBA policy meeting low and rate statement.

Expected Ranges

EUR/CAD: 1.520 - 1.527 ▲

GBP/CAD: 1.756 - 1.766 ▲

AUD/CAD: 0.981 - 0.987 ▼

USD/CAD: 1.261 - 1.269 ▲